4 Different Types Life Insurance for Seniors Over 60


Many adults start thinking about life insurance and securing policies long before the senior years.

However, those who have put off the idea until they’ve reached retirement age still have plenty of options to help make sure their families are financially covered.

There are 4 different types of life insurance for seniors:


Guaranteed Issue Insurance


During the application process, seniors will not be asked any questions about his or her health and will not need to undergo any medical screening.

Unfortunately, these policies have higher premiums and lower death benefits due to the lack of screening. Seniors who have serious illnesses make the best candidates for guaranteed issue insurance.

There is also one big caveat you have to understand if you are going to buy a guaranteed issue policy.

In most cases, if you die (other than as a result of an accident) within two years of buying the policy, you only get your premiums refunded. You won’t get the full death benefit.

This is the insurance company’s way of protecting itself from very bad risks.

But people facing huge health risks are the ones most interested in buying this policy.

For that reason, if you are facing a major health crisis and are scrambling to buy life insurance, make sure you check this provision out before you sign on the dotted line.

Another consideration is that these guaranteed  policies are usually issued for small amounts.

Usually, the policies issued for death benefits are between $5,000 and $50,000.


Simplified Issue Insurance


For seniors who are relatively healthy, a simplified issue policy might be a better option than a guaranteed issue policy. Instead of being accepted outright, seniors will need to answer a few basic medical questions.

As long as you have not been diagnosed with any major illnesses or diseases, you will likely be accepted.

The key factor when determining premiums for simplified policies is if the senior smokes or not.


Term Life Insurance


Term policies are often seen as an ideal option for younger policyholders, but many of the leading insurance providers now offer short-term coverage for older individuals. Instead of a 30 or 40-year limit, these policies are often reduced to a 10 or 15-year limit.

This particular type of policy is ideal if you are in relatively good health and are willing to undergo a thorough medical examination.


Funeral Expense Insurance


According to the National Funeral Directors Association, the average funeral costs over $7,000. This is why many seniors have chosen basic funeral expense insurance instead of a comprehensive term or whole life policy.

These policies  can  give you peace of mind that when passing you will not be a financial hardship for your family and friends.


If you are a senior and need life insurance, you have options.   First, make sure you really need insurance and if so, get clear on how much you really need. Next, get plenty of quotes no matter what.  This keeps everyone honest and it will help you make a smart decision.

Compare Life Insurance for Seniors over 60 HERE!

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We have been helping many seniors to get life insurance even if you have health issues. Do not delay the time is now to apply.  Compare Life Insurance Quotes HERE